Insider Selling: Foundation Medicine, Inc. (FMI) Insider Sells 2,944 Shares of Stock
Foundation Medicine, Inc. (NASDAQ:FMI) insider Vincent A. Miller sold 2,944 shares of Foundation Medicine stock in a transaction that occurred on Monday, October 2nd. The shares were sold at an average price of $38.80, for a total value of $114,227.20. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website.
Shares of Foundation Medicine, Inc. (NASDAQ FMI) traded up 3.39% on Wednesday, hitting $41.15. The stock had a trading volume of 141,747 shares. Foundation Medicine, Inc. has a 12-month low of $17.10 and a 12-month high of $43.15. The firm’s market capitalization is $1.48 billion. The company has a 50 day moving average of $39.20 and a 200-day moving average of $37.27.
Foundation Medicine (NASDAQ:FMI) last announced its earnings results on Tuesday, August 1st. The company reported ($1.24) EPS for the quarter, missing the Thomson Reuters’ consensus estimate of ($1.08) by ($0.16). Foundation Medicine had a negative return on equity of 109.63% and a negative net margin of 131.79%. The business had revenue of $35.00 million for the quarter, compared to the consensus estimate of $34.94 million. During the same period in the prior year, the business posted ($0.84) earnings per share. The firm’s revenue for the quarter was up 23.9% compared to the same quarter last year. Equities analysts predict that Foundation Medicine, Inc. will post ($4.67) EPS for the current fiscal year.
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A number of equities research analysts have weighed in on the company. BidaskClub raised Foundation Medicine from a “strong sell” rating to a “sell” rating in a report on Tuesday, August 8th. Zacks Investment Research downgraded Foundation Medicine from a “hold” rating to a “sell” rating in a report on Tuesday. One investment analyst has rated the stock with a sell rating, four have given a hold rating and two have issued a buy rating to the company. The stock has a consensus rating of “Hold” and an average target price of $35.00.
Several institutional investors and hedge funds have recently made changes to their positions in FMI. Lord Abbett & CO. LLC increased its stake in Foundation Medicine by 146.0% in the second quarter. Lord Abbett & CO. LLC now owns 579,225 shares of the company’s stock valued at $23,024,000 after acquiring an additional 343,770 shares during the last quarter. State Street Corp increased its stake in Foundation Medicine by 124.2% in the second quarter. State Street Corp now owns 526,775 shares of the company’s stock valued at $20,947,000 after acquiring an additional 291,815 shares during the last quarter. Alliancebernstein L.P. increased its stake in Foundation Medicine by 38.7% in the first quarter. Alliancebernstein L.P. now owns 788,860 shares of the company’s stock valued at $25,441,000 after acquiring an additional 220,236 shares during the last quarter. Pier Capital LLC bought a new position in Foundation Medicine in the second quarter valued at approximately $6,126,000. Finally, Adalta Capital Management LLC bought a new position in Foundation Medicine in the first quarter valued at approximately $4,056,000. 31.84% of the stock is currently owned by institutional investors.
About Foundation Medicine
Foundation Medicine, Inc is a molecular information company. The Company sells products that are enabled by its molecular information platform to physicians and biopharmaceutical companies. It is engaged in the business of delivering molecular information about cancer to its customers. Its platform includes various methods and algorithms for analyzing specimens across various types of cancer.
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